With reference to the earlier announcement dated March 30, 2015, regarding 'Sale of part of land owned by the Company in Alandur, Chennai, Tamil Nadu'. Rane Engine Valve Ltd has now informed BSE that the sale of land admeasuring 2 acres and 03.86 cents comprised in the remaining portion of 2 acres and 68.42 cents located in the same property owned by the Company by way of a deed of absolute sale dated April 08, 2015. The total consideration received for this sale of land is at market value of Rs. 27.75 crores.
This transaction of sale of land is not a related party transaction and the buyer is not related to the Promoter / Promoter group / Key Managerial Personnel of the Company.
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